Oman’s Sohar International has completed its 2024 rights issue, raising $338 million (OMR 130 million), further strengthening its capital base to support future growth initiatives.
The issuance marks one of the largest rights issues in 2024 on the Muscat Stock Exchange (MSX).
The proceeds from the rights issue will primarily be utilised to enhance capital buffers, fuel strategic initiatives and expand product and service offerings, particularly in sectors crucial to Oman’s economic development.
The move aligns with Sohar International’s commitment to deliver sustainable value to both shareholders and the broader economy.
“The milestone marks a pivotal moment in our journey, reaffirming our resolve to fortify our financial foundation. The trust our shareholders have shown is a clear endorsement of their steadfast belief in our strategy and future direction,” said Ahmed Al Musalmi, CEO of Sohar International.
“The funds raised will power our ongoing business development, fuelling the execution of our transformation agenda, which is closely aligned with the evolving banking landscape and our enduring vision.”
Sohar International Bank’s 2024 rights issue, launched in November 2024, attracted a broader and diverse investor base, including government and private institutions, family offices and Individuals.
Following the launch, the allotted shares were listed on the MSX earlier in December 2024.
“We will continue to drive sector-wide innovation through strategic investments in cutting-edge technologies, enabling us to provide integrated, adaptive solutions that are responsive to the dynamic shifts in the market,” Al Musalmi added.
The capital raise underscores Sohar International’s ability to attract capital and deliver on its vision to become a world-leading Omani service company that helps customers, communities, and people to prosper and grow.
